ABSTRACT
This chapter discusses the notion of environmental value, introducing a typology of values for environmental goods and services. In a practical context, environmental valuation conventionally requires the estimation of the monetary value of a given externality, be it negative or positive. The total economic value (TEV) concept focuses on the benefits that human systems derive from environmental goods, and is based very much on the perception that economic value is the same as market price. The contingent valuation method (CVM) offers considerable scope for the estimation of both the use and the non-use benefits which arise from environmental improvements. The Environmentally Sensitive Areas (ESA) scheme represents an attempt by government to offset the effects of more intensive agricultural practices in the countryside by seeking to support the contribution of more traditional farming practices to the appearance of the landscape. Many projects and policies that have significant impacts on the environment are assessed using cost-benefit analysis (CBA) or environmental appraisal techniques.
